Tuesday, August 2, 2011

Please confirm whether Credit Notes in respect of rebates and allowances to dealers are eligible for reduction from turnover of sales under the Karnataka VAT Act.

 Details regarding 'credit and debit notes' are given under Rule 31 and 32 of the VAT Rules,
the query would be answered if you follow those Rules.
Rule 31 is extracted below for your ready reference:
“Where a registered dealer has given a tax invoice in respect of a sale of goods and thereafter, the
goods or any part thereof, are returned to the seller if the sale is cancelled or for any other reason,
or the value of the sale is altered, whether due to a discount or otherwise, he shall, subject to the
provisions of Section 30, give to the buying dealer a credit or debit note containing the following
details, namely.-
(1) the nature of the document issued;
(2) a consecutive serial number;
(3) the date of the issue of the document;
(4) the name, address and registration number of the selling dealer;
(5) the name and address of the buyer, together with buyer's registration number, if registered;
(6) the number and date of the relevant tax invoice;
(7) the value of the goods and the amount of the tax credited or debited to the buyer; and,
(8) signature of the selling dealer or his agent.”

Regards
G.Srinivas

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